Which of the following is NOT a determinant of the price elasticity of demand?
A) existence of substitutes
B) expenditures on the good as a share of a consumer's budget
C) the amount of time allowed for adjustment to changes in the price of the commodity
D) the price level in a country
Correct Answer:
Verified
Q218: When demand is elastic
A) changes in price
Q219: Q220: "Unit elasticity of demand can be found Q221: Suppose two goods are perfect substitutes. The Q222: Other things being equal, demand is less Q224: If the price elasticity of demand (Ep) Q225: The longer the time frame involved, the Q226: Which of the following goods is most Q227: When there are very few substitutes for Q228: The longer any price change persists, the
A)
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